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U S PHYSICAL THERAPY INC /NV

USPH · Healthcare · FY2025 filings · · not refreshed in 35 days · Narrow moat ·

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The five investor questions

55

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $495M to $781M, increasing; diluted EPS 2.41 to 1.42, decreasing.

35

Median gross margin 22.1% over 10y, stable.

68

Median ROIC 15.9%, above the 12% hurdle in 60% of years.

84

Net debt/EBITDA 1.2x, no material interest expense disclosed.

70

Owner earnings changed +9.6%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
$40.9M
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$74.58
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

U S PHYSICAL THERAPY INC /NV booked $781M of revenue in FY2025 in the Healthcare sector and kept 19.2% of it as gross profit — a moderate-margin business by that measure. After every other cost, 5.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $201M (FY2009) to $781M (FY2025) — about 8.8% a year compounded over 16 years.

It earned 10.7% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 22.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 15.9%. The Returns on Capital filter above scores it 68/100.

The balance sheet carried $162M of total debt in FY2025 against $47.9M of owner earnings — roughly 3.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 84/100.

Put together: Balance-Sheet Safety is the strongest of the five filters (84/100) and Pricing Power the weakest (35/100), which is how USPH lands at 62/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from USPH’s SEC filings

Sales, as filed$781M FY2025
$0$500M2008201420202025
Revenue kept after cost of goods19.2% FY2025
0%10%20%2008201420202025
Standard ROIC or separately labeled Operating ROICROIC 10.7% FY2025
0%10%20%2008201420202025
Cash an owner could take out$47.9M FY2025
$0$20M$40M2008201420202025

Gaps in a line mean that item isn’t in USPH’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How U S PHYSICAL THERAPY INC /NV makes its money

U S PHYSICAL THERAPY INC /NV's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$781M100%
$150M19%
$86.7M11%
Income before tax$77.8M10%
Income tax$19.8M3%
$39.6M5%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What U S PHYSICAL THERAPY INC /NV owns — and owes

U S PHYSICAL THERAPY INC /NV's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$1.2B100%
Cash and equivalents$35.6M3%
$162M13%
Stockholders’ equity$476M40%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives U S PHYSICAL THERAPY INC /NV’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity8%Tax burden51%net income ÷ pretax incomeInterest burden90%pretax ÷ operating incomeOperating margin11%operating income ÷ revenueAsset turnover0.66×revenue ÷ average assetsEquity multiplier2.46×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$39.6MFY2025
Income before tax$77.8MFY2025
Operating income$86.7MFY2025
$781MFY2025
Ending assets$1.2BFY2025
Beginning assets$1.2BFY2024
$476MFY2025
$489MFY2024
Source:
  • SEC filingFiling detailsAccession 0001140361-26-007170
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where U S PHYSICAL THERAPY INC /NV's cash went

U S PHYSICAL THERAPY INC /NV’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$75.1M100%
Depreciation and amortization$22.4M30%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding U S PHYSICAL THERAPY INC /NV

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What U S PHYSICAL THERAPY INC /NV insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale62.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for USPH.

Healthcare context

#91 of 710 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #89UFPT UFP Technologies, Inc.62.6Narrow moat
  2. #90HIMS HIMS & HERS HEALTH, INC.62.5Narrow moat
  3. #92ANIP ANI Pharmaceuticals, Inc.62.3Narrow moat
  4. #93SOLV SOLVENTUM CORPORATION62.3Narrow moat

Compare USPH with its nearest peers →All Healthcare companies on the Index →

Common questions about USPH

Does U S PHYSICAL THERAPY INC /NV have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores U S PHYSICAL THERAPY INC /NV (USPH) 62.4 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 55, pricing power 35, returns on capital 68, balance-sheet safety 84, capital allocation 70.
How has USPH's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 62.4 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell USPH. See the disclaimer.